Mortgage rates continue to tick downwards
The national average for a 30-year, fixed-rate mortgage ended down 0.02% to 7.30%* on Tuesday.
Multiple Federal Reserve officials spoke and the messages were a bit mixed. Michelle Bowman and Christopher Waller were among the speakers today. Bowman indicated that interest rate hikes may be necessary, while Waller stated the need to pause and collect additional data.
The bond market chose to rally and that enabled mortgage rates to continue to grind downwards.
Inflation data is the next data point that may impact the financial markets, and that’s coming on Thursday.
Which Bay Area housing market is heading up?
According to recent data from a mortgage industry leader, the Oakland metro area has been ranked as one of the hottest housing markets in the country.
Homes in the Oakland, CA area have a median days on the market of only 19 days, and 72% of homes have sold above asking price.
David Stark of the Bay East Association of Realtors said, “Got a close proximity to job centers in San Francisco and the Silicon Valley and the South Bay,” Stark said. “You got access to recreation in the Oakland Hills, you go some fantastic individual neighborhoods within Oakland and it’s a lot more affordable than some of those other markets.
Which cities have seen listings increase?
A recent report from Realtor.com took a look at areas that have seen an increase in listings and may offer an opportunity for buyers to find their dream home in a challenging market.
The majority of the markets on their list were sprinkled throughout the Southeast and Midwest.
Peoria, IL topped the list with 460 new listings in October, and a 13.9% increase in new listings from September to October.
Richmond, VA had the most new listings in October with 1,506, and saw a 7.9% increase in new listings when comparing September to October.
If you’re looking for a Sun Belt destination with homes for sale, Port St. Lucie, FL came in second on the list. Port St. Lucie added 1,136 new listings in October and saw a month-over-month increase of 10.9%.
* National average rates accurate as of 11/28/23 from MortgageNewsDaily.com and are not advertised rates from Guaranteed Rate.
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